Our take: The Robinhood Gold Card might sound like a 24-karat deal, offering a virtually unheard of rewards rate of 3% cash back on everything. But is it a gold medal champion or at the back of the pack? We think potential applicants will want to exercise caution before joining in on this gold rush.
Robinhood Gold Card
| Annual fee | Robinhood Gold at $5 monthly or $50 annually |
| Regular APR | 20.24% – 29.99% variable |
Robinhood Gold Card Overview
Card type: Cash back
At first glance, the Robinhood Gold Card seems like it should claim the medal for best flat-rate cash-back credit card on the market. It earns 3% cash back on all spending categories and 5% cash back on travel booked through the Robinhood portal. Meanwhile, the competing Alliant Cashback Visa® Signature Credit Card offers 2.5% cash back (up to $10,000 per billing cycle) to those who qualify, and the Wells Fargo Active Cash earns 2% cash back on all spending.
So, why aren’t we more enthused about the Robinhood Gold Card? There are quite a few caveats that make this gold look a little bit more like iron pyrite.
Robinhood, known for its app that lets people buy and sell stocks without commission fees, has long been plagued with controversy. In summer 2021, the Financial Industry Regulatory Authority fined Robinhood Financial $70 million, saying the company was responsible for false and misleading information as well as system outages that harmed customers.
Also in mid-2021, Robinhood settled a wrongful death lawsuit with the family of a man who died by suicide after seeing a negative account balance of hundreds of thousands of dollars.
The company came under fire at the start of 2021 as well during what came to be known as the GameStop saga. Users of the social media site reddit purchased GameStop stock in massive amounts, causing the stock price to rise—and frustrating short sellers on Wall Street looking to make money on the stock’s failure. Robinhood restricted the trading of GameStop, along with other stocks, saying the volatility had made it difficult to get the funds to execute the trades.
Robinhood has also come under fire more generally for the “gamification” of the stock market, with features such as a confetti animation (since retired) after completing your first trade. Critics have argued this facilitates consumers getting into stock trading without fully understanding it.
Whew. All that to say, each consumer must make their own judgment as to whether to engage with Robinhood and whether to trust them with your money.
We should also note the Robinhood Gold Card isn’t exactly free. It’s only available to subscribers of Robinhood Gold, which offers enhanced features for a cost of $5 per month (which adds up to $60 per year). Earning 3% back and paying $60 per year, the break-even point would be $6,000 spent, compared to a card earning 2% cash back for no annual fee.
Those willing to commit to an annual subscription can pay $50 per year. In that case, you’d break even after spending $5,000 on this card, compared to a no-annual-fee 2% card.
As an aside, the Robinhood Gold Card launch comes after Robinhood acquired the credit card startup X1, though it’s not immediately clear what this will mean for existing X1 cardholders.
Who is the Robinhood Gold Card good for?
It should be noted that as of the time of writing this review, interested consumers can only sign up for the card’s waitlist—not immediately apply for a Robinhood Gold Card.
That said, this card is likely a good option for someone who already subscribes to Robinhood Gold and uses the investing platform, and who also wants a catch-all card for purchases that don’t fall into categories rewarded by other cards. If your purchases are hard to categorize, and don’t fit areas such as dining, groceries, online shopping, etc., this card could offer a way to earn 3% back on spend that would otherwise earn a paltry base rate on most cards.
Who shouldn’t get the Robinhood Gold Card?
If you care about flexibility in how you can redeem your rewards, this might not be the card for you. One of the main options is cycling your earnings back into investments on Robinhood.
And, if you’re an avid traveler, this card may also not be your best choice for travel rewards. You only get elevated earnings if you book through Robinhood’s as-yet-unproven travel portal.
Finally, those seeking a no-annual-fee card may be put off by the Robinhood Gold subscription cost. The card itself does not have an annual fee, but the subscription will run you $5 per month if you want to pay monthly or $50 per year if you commit to signing up for the annual option.
Robinhood Gold Card: How to earn rewards
Using the Robinhood Gold Card, you can earn 3% cash back on all spending categories and 5% cash back on travel booked through the Robinhood portal. Technically, rewards are earned in the form of points, with each point typically worth 1 cent upon redemption.
How to redeem rewards with the Robinhood Gold Card
Though the Robinhood Gold Card is advertised as a cash-back card, it earns points that are worth 1 cent each when redeemed. Redemption options include the following:
- Transfer cash back to your Robinhood Brokerage Cash Account.
- Cover all or part of a booking in the Robinhood travel portal.
- Shop for merchandise through the Robinhood credit card app.
- Purchase gift cards from a variety of merchants.
The obvious drawback is that there isn’t a simple option to just get cash back—many competing cards let you take cash back as a deposit to a bank account or a statement credit to your card.
Robinhood Gold Card rates and fees
- Annual fee: None, but a Robinhood Gold membership is required at $5 per month or $50 annually.
- Foreign transaction fee: None.
- Purchase APR: 20.24% – 29.99% variable.
Additional benefits
- Trip interruption protection.
- Purchase security.
- Auto rental collision damage waiver.
- Extended warranty protection.
- Return protection.
- Visa Signature Concierge.
- Travel and emergency assistance.
- Disposable virtual card numbers.
- Add authorized users of any age.
- Track family spending and set spending limits.
Credit cards similar to the Robinhood Gold Card
If you’re not entirely sold on the Robinhood Gold Card—whether due to the company’s history of controversy or due to the card’s limitations on reward redemptions and the requirement to have a Robinhood Gold subscription—you’ll be happy to know there are other rewards credit cards that may better fit your needs.
Wells Fargo Active Cash® Card vs. Robinhood Gold Card
The Wells Fargo Active Cash® Card is one of the best cash-back credit cards on the market right now. It charges no annual fee and cardholders earn unlimited 2% cash rewards on purchases.
Unlike the Robinhood Gold Card, you can redeem cash back to offset past purchases for as little as $1 or as a credit to a qualifying Wells Fargo credit card, checking account, or mortgage.
You can also earn a welcome bonus of $200 cash rewards bonus after spending $500 in purchases in the first three months.
That said, there is a 3% foreign transaction fee, so the Active Cash is not as attractive a choice if you’re looking for a no-foreign-transaction-fee card to take abroad with you.
Chase Sapphire Preferred® Card vs. Robinhood Gold Card
If you want one of the most trusted portals in the travel game, as well as the ability to transfer points to airline and hotel partners so you can book travel directly, look to Chase. The Chase Sapphire Preferred® Card has long been a favorite as an affordable and rewarding travel card option.
Cardholders earn 5x points on travel purchased through Chase Ultimate Rewards® (excluding hotel purchases that qualify for the $50 Annual Ultimate Rewards Hotel Credit), 3x points on select streaming services and online grocery purchases (excluding Walmart, Target and wholesale clubs), 2x points on travel purchases and 1x points on other purchases.
The welcome bonus is 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening.
You can redeem points as cash back at 1 cent each, use them for bookings in the Chase Travel℠ portal at 1.25 cents each, or transfer them 1:1 to more than a dozen airline and hotel partners.
The card does charge a $95 annual fee, but it’s easy to recoup more than half of that through the $50 annual hotel credit provided for stays booked through Chase Travel.
And, if you care about that sort of thing, the Sapphire Preferred is a metal card, too.
Is the Robinhood Gold Card right for you?
If you’re an avid user of Robinhood Gold, you’ve likely already decided to jump on the waitlist for this card. And that makes sense, because it does offer a strong flat earning rate and redemptions to your existing brokerage account
But for most folks, we think this card will amount to fashion jewelry rather than real bullion. There’s no welcome bonus, which is unfortunate at a time when banks are competing avidly to attract new customers to their credit cards. And, paying $50 to $60 per year for Robinhood Gold—and having your rewards tied to the company’s investment platform and untested travel portal—probably isn’t worth it for the extra 1% you’d earn compared to a 2% cash-back card.
Frequently asked questions
Is the Robinhood Gold Card a credit card?
Yes, the Robinhood Gold Card is a credit card. It was announced in early 2024 and is a distinct product from the Robinhood Cash Card, a debit card announced in 2022.
Is the Robinhood Gold Card worth it?
If you already subscribe to Robinhood Gold, the Robinhood Gold Card is likely a good addition to your wallet due to its rewards offering of 3% back in all spending categories. You won’t find a flat rate that high on competing cards. But, if you aren’t already a Robinhood Gold customer, we’re not sure you should rush to subscribe just to get access to this card. There are numerous 2% cash-back credit cards on the market without the baggage and restrictions this one has.
Is the Robinhood Gold Card real gold?
After referring 10 friends who sign up for Robinhood Gold, you can get a 10-karat gold version of the Robinhood Gold Card weighing 36 grams (dependent upon availability). Otherwise, you’ll get a stainless steel version of the card weighing 17 grams. For comparison, plastic cards tend to weigh around five grams.
Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.
